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, no deal is the worst deal because the government will go over the fiscal cliff and will take almost every american with us. almost every family that pays taxes now will pay higher taxes. people's jobs will immediately be put in jeopardy, unemployment compensation will end for more than 2 million people, our defenses will be decimated by cuts that will put us in a position of accepting really unacceptable risks to our security, title 1 programs of education for low-income children will be cut dramatically, most people, including the congressional budget office, our own congressional budget office, say that the combination of tax increases along with the decreased spending required under the budget control act will push our economy back into recession in the new year. so i don't agree that no deal is better than a bad deal. in this case, i repeat, no deal is the worst deal because it allows our country to go over the fiscal cliff and really hurts almost every american family in our country, in our economy, as a whole. this shouldn't be a surprise to us. it's not as if, if i could use
, no deal is the worst deal because the government will go over the fiscal cliff and will take almost every american with us. almost every family that pays taxes now will pay higher taxes. people's jobs will immediately be put in jeopardy, unemployment compensation will end for more than 2 million people, our defenses will be decimated by cuts that will put us in a position of accepting really unacceptable risks to our security, title 1 programs of education for low-income children will be cut...
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Dec 31, 2012
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with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how e major averagesr closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books on 2012, washington
with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might...
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will senate republicans embrace the latest framework for a fiscal cliff deal? also how failure to get a fiscal cliff deal could lead to a mortgage rate free fall. "piles of money" coming up. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just onreason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risksfees and expenses to read and consider carefully before investing. why does my mouth feel dryer than i remember it to be? there are more people taking more medication, so we see people suffering from dry mouth more so. we may see more cavities, bad breath, oral irritation. a drmouth sufferer doesn't have to suffer. i would recommend biotene. the enzymes in biotene products help supplement enzymes that are naturally in saliva. biotene helps m
will senate republicans embrace the latest framework for a fiscal cliff deal? also how failure to get a fiscal cliff deal could lead to a mortgage rate free fall. "piles of money" coming up. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just onreason over 75% of our mutual funds beat...
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we're going to do this in steps meaning a fiscal cliff deal. the question for the market at this point is how much of a deal will come out of this, will it be a partial going over the cliff, or will it be -- will it be one of the band-aid measures that wall street wasn't hoping for. with one of these sort of half deals or partial deals, what wall street winds up getting is more question marks. not really some -- solid rules of the road that continue getting this uncertainty about where taxes may be. so, you know, we are seeing the dow up right now 47 points. but the dow is off its highs of the session, simply because it doesn't look like it is going to be a full deal as far as investors feel that they think it is going to be more of a band aid measure. >> like a series of mood swings and the american public wants to know where they stand. that's pretty much the bottom line. let me ask, the form bill, another big concern, top congressional leaders say they have reached a deal. but yet to vote on an extension. if congress fails to act, well, an i
we're going to do this in steps meaning a fiscal cliff deal. the question for the market at this point is how much of a deal will come out of this, will it be a partial going over the cliff, or will it be -- will it be one of the band-aid measures that wall street wasn't hoping for. with one of these sort of half deals or partial deals, what wall street winds up getting is more question marks. not really some -- solid rules of the road that continue getting this uncertainty about where taxes...
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Dec 31, 2012
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despite encouraging signs, there's still no final fiscal cliff deal. e mamon javers is on capitol hi working the phones. what are you hearing about the president's remarks we heard earlier where he promised to puch more more revenues later on. i would imagine it would have rankled a few republicans. >> that's right. john mccain said he was upset the president took to strong tone in his remarks today. he said it was not helpful to the negotiations going on here at the capitol. but then we had mitch mcconnell go to the senate floor and propose something unexpected and interesting. take a listen here to exactly what mitch mcconnell had to say. >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. we'll continue to work on finding smarter ways to cut spending. but let's not let that hold up protecting americans from the tax hike that will take place in about ten hours. >> now, that comment had eyebrows raised all across capitol hill as people said wait a second, what's mcconnell doing supporting separating the tax negot
despite encouraging signs, there's still no final fiscal cliff deal. e mamon javers is on capitol hi working the phones. what are you hearing about the president's remarks we heard earlier where he promised to puch more more revenues later on. i would imagine it would have rankled a few republicans. >> that's right. john mccain said he was upset the president took to strong tone in his remarks today. he said it was not helpful to the negotiations going on here at the capitol. but then we...
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hopes for a fiscal cliff deal. standard and poor is lower. based on the announcement that they would use debt to fund its acquisition. the back deal sealed on november november 27 to. $5 billion. year to date numbers of about 10%. hoping it will contribute to these. lori: markets climbing toward session high spirit which fourth quarter stock laggers are set to rebound? editor jack l. is here with some of his picks next. ashley: live behind the scenes for attackers biggest night of the der -- year. let the ball drop. take a look at some of today's winners. ♪ ashley: breaking news. senate minority leader mitch mcconnell speaking live. the deal is close. let's listen in. >> we must do this. to what my colleagues to know that we will keep everyone updated as we continue to try to wrap this up. i yield the floor. >> senator from tennessee. >> appropriate. ashley: you just heard some a minority leader mitch mcconnell. lori: not happy. ashley: not happy. ashley: i will be looking more grumpy. lori: to say the least. lori: 450 for joint filers. if
hopes for a fiscal cliff deal. standard and poor is lower. based on the announcement that they would use debt to fund its acquisition. the back deal sealed on november november 27 to. $5 billion. year to date numbers of about 10%. hoping it will contribute to these. lori: markets climbing toward session high spirit which fourth quarter stock laggers are set to rebound? editor jack l. is here with some of his picks next. ashley: live behind the scenes for attackers biggest night of the der --...
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police haven't given ait's the 11th hour and still no fiscal cliff deal on the table. when we return. we take a look at lawmakers final push to beat the new years deadline for a compromise. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. >>> another day gone and still no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. >> reporter: >> as >> as we gather with so much, we need to guide our lawmakers with your wisdom. this evening. >> reporter: the senate will reconvene monday morning, at which point there will be just over 12-hours until the u.s. goes over the fiscal cliff. the senate convened its rare sunday sessio
police haven't given ait's the 11th hour and still no fiscal cliff deal on the table. when we return. we take a look at lawmakers final push to beat the new years deadline for a compromise. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. >>> another day gone and still no deal on the fiscal cliff. if nothing is...
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. >> the president speaking moments ago, saying that we are indeed close to a fiscal cliff deal. the latest word is that they are negotiating over the exact amount where taxes will rise, 450, maybe 550, maybe in the middle at 500 but the president did throw a barb out there saying if the republicans think we are done with tax revenue and spending cut discussion, they have another thing coming. welcome to final "street signs" of 2012. and if things don't go well, maybe the final "street signs" ever. just kidding. just ten hours left in this year in washington and ten years until we fall off the fiscal cliff. can we get it done? >> working the phones day and night, let's goat john harwood in washington. lots and lots of headlines, fill us in. >> the latest mandy is that negotiations agreed on the middle class portion of the tax cuts. these are talks between biden and mcconnell. what they agreed to is 39%, 39.6, rather, of individuals over $400,000 in income. married couples above $450,000. estate tax to 40% for estates over $5 million p.m. and rise in dividend rates. can they resol
. >> the president speaking moments ago, saying that we are indeed close to a fiscal cliff deal. the latest word is that they are negotiating over the exact amount where taxes will rise, 450, maybe 550, maybe in the middle at 500 but the president did throw a barb out there saying if the republicans think we are done with tax revenue and spending cut discussion, they have another thing coming. welcome to final "street signs" of 2012. and if things don't go well, maybe the final...
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lawmakers today anticipating a possible, a possible agreement regarding the fiscal cliff. no deal has been reached yet. senators today will technically be working on a praiseholder -- placeholder bill in the event there is a fiscal cliff agreement. until the deal's reached, we expect we'll hear discussion at least on the fiscal situation. take a look now live on the floor of the u.s. senate, and we'll bring it to you live here on c-span2. the presiding officer: the senate will come to order. the chaplain, dr. barry black, will lead the senate in prayer. the chaplain: let us pray. almighty god, we praise your name. you are high over all the nations and your glory is greater than the heavens. let your spirit move our lawmakers to do your will. teach them valuable lessons from hardships and adversities, as they work to be worthy of the sacrifices of those who have already given so much for freedom. lift them from the darkness of hopelessness so that they may take steps toward your light. may your presence and grace bring comfort, as you inspire them to choose what is right an
lawmakers today anticipating a possible, a possible agreement regarding the fiscal cliff. no deal has been reached yet. senators today will technically be working on a praiseholder -- placeholder bill in the event there is a fiscal cliff agreement. until the deal's reached, we expect we'll hear discussion at least on the fiscal situation. take a look now live on the floor of the u.s. senate, and we'll bring it to you live here on c-span2. the presiding officer: the senate will come to order....
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if this good deal -- the fiscal could deal -- the fiscal cliff deal. you think during their well- earned christmas break, both sides would find a way to come together and do something. >> this is not the fault of congress. congress is behaving like congress. this is the president's fault here the president needs to go to the country and explain why they need to get this done. he has never done this. >> i have heard him talk about it over and over incessantly about why we have to avoid the fiscal clip. it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the nation and made a serious speech about dt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in entitlement reform our tax reform. he'll talk about it here and there. never invested any capital
if this good deal -- the fiscal could deal -- the fiscal cliff deal. you think during their well- earned christmas break, both sides would find a way to come together and do something. >> this is not the fault of congress. congress is behaving like congress. this is the president's fault here the president needs to go to the country and explain why they need to get this done. he has never done this. >> i have heard him talk about it over and over incessantly about why we have to...
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just hours from falling off the fiscal cliff if no deal is reached. right now a deal does not seem likely. even if they came out said, hey, news flash, it is here. not enough time to vote on it. will u.s. economy fall back into recession? either way what is the smart money doing? where are they investing? joining me now, billionaire investor wilbur ross. ceo and investor. >> you're welcome. >> will there be a deal of any kind and what does it really mean for the markets? >> what i'm worried about they make a deal but won't be a sensible deal. that it will kind of put some sort of a permanent cap as to the level at which the bush tax cuts are repealed, extend for some short period unemployment, extend a few other things and not really with the big issue. punt it over and mix it up with the debt ceiling talks which will be coming up sometime between now and around the end of february. liz: well, yeah. timothy geithner, treasury secretary, warning that we will hit the debt limit today. obviously that is a big issue. is that a bigger problem than the fisc
just hours from falling off the fiscal cliff if no deal is reached. right now a deal does not seem likely. even if they came out said, hey, news flash, it is here. not enough time to vote on it. will u.s. economy fall back into recession? either way what is the smart money doing? where are they investing? joining me now, billionaire investor wilbur ross. ceo and investor. >> you're welcome. >> will there be a deal of any kind and what does it really mean for the markets? >>...
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and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders and remind customers in our nation's capital to come together. >> wall street is typically quieter this time of year. of course, this last week of 2012 was marked by investor concerns over congress' new year's eve plans and that looming fiscal cliff. so what impact does it have on your money? alison deans is with us, senior adviser at varick asset management. nice to see you. happy new year. do you have two plans for 2012, one that includes the fiscal cliff and one that doesn't? how do you prepare for the new year as an investor? >> pretty much. i mean, the outcome, if there is some type of healthy resolution to the fiscal cliff, even if they defer it for a week or two but come up with some healthy resolution, i think it bodes really well for global markets. if we wind up going into fiscal cliff and the world loses any faith in our government to accompl
and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders and remind customers in our nation's capital to come together. >> wall street is typically quieter this time of year. of course, this last week of 2012 was marked by investor concerns over congress' new year's eve plans and that looming fiscal cliff. so what impact does it have on your money?...
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cliff deal. one that could avoid -- raising taxes for everyone. good morning i'm kristen sze >>> and i'm cheryl jennings. katie is the news encouraging? >> reporter: more pressure than news about what the deal might be. this was not the big announcement about an agreement on the fiscal cliff. the president did acknowledge there's been progress and he spoke while surrounded by americans who he pointed out cannot afford a tax hike. a source close to the negotiations we know what might be on the table now this current tenty deal. one, as far as tax hikes are involved -- republican and democrats have agreed taxes would not go up for families that make less than $450,000 a year or individuals who make less than $400,000 a year. as far as unemployment benefits that's could be extended. the president mentioned tuition tax credit extended. where there's still a great divide is automatic spending cuts. the deal on table brokered mostly by mcconnell and biden overnight, would delay those spending cuts for
cliff deal. one that could avoid -- raising taxes for everyone. good morning i'm kristen sze >>> and i'm cheryl jennings. katie is the news encouraging? >> reporter: more pressure than news about what the deal might be. this was not the big announcement about an agreement on the fiscal cliff. the president did acknowledge there's been progress and he spoke while surrounded by americans who he pointed out cannot afford a tax hike. a source close to the negotiations we know what...
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cliff deal. the dow jones industrial average gained 166 points to close at 13,104, up 7% for the year. the nasdaq rose 59 points to close at 3019, up nearly 16% this year. nearly two dozen people died in a string of attacks across iraq today. most of the violence targeted shiite communities and police. one of the blasts rocked baghdad's karrada neighborhood, sending smoke billowing above the skyline. the car bomb went off near a tent where shiite pilgrims were gathering. five people were killed there. in syria, elite troops, along with tanks, battled to dislodge rebels from a key southern suburb of damascus. the area is within firing distance of major government sites in the capital. amateur video also showed the aftermath of what appeared to be air strikes in the northeastern suburb of douma. the attacks toppled buildings and sent civilians fleeing. celebrations began today as the new year, 2013, dawned around the globe. we have a report from richard pallot of independent television news. . >> h
cliff deal. the dow jones industrial average gained 166 points to close at 13,104, up 7% for the year. the nasdaq rose 59 points to close at 3019, up nearly 16% this year. nearly two dozen people died in a string of attacks across iraq today. most of the violence targeted shiite communities and police. one of the blasts rocked baghdad's karrada neighborhood, sending smoke billowing above the skyline. the car bomb went off near a tent where shiite pilgrims were gathering. five people were killed...
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cliff deal. the dow jones industrial average gained 166 points to close at 13,104, up 7% for the year. the nasdaq rose 59 points to close at 3019, up nearly 16% this year. nearly two dozen people died in a string of attacks across iraq today. most of the violence targeted shiite communities and police. one of the blasts rocked baghdad's karrada neighborhood, sending smoke billowing above the skyline. the car bomb went off near a tent where shiite pilgrims were gathering. five people were killed there. in syria, elite troops, along with tanks, battled to dislodge rebels from a key southern suburb of damascus. the area is within firing distance of major government sites in the capital. amateur video also showed the aftermath of what appeared to be air strikes in the northeastern suburb of douma. the attacks toppled buildings and sent civilians fleeing. celebrations began today as the new year, 2013, dawned around the globe. we have a report from richard pallot of independent television news. . >> h
cliff deal. the dow jones industrial average gained 166 points to close at 13,104, up 7% for the year. the nasdaq rose 59 points to close at 3019, up nearly 16% this year. nearly two dozen people died in a string of attacks across iraq today. most of the violence targeted shiite communities and police. one of the blasts rocked baghdad's karrada neighborhood, sending smoke billowing above the skyline. the car bomb went off near a tent where shiite pilgrims were gathering. five people were killed...
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cliff deal. no deal will mean spending cuts and tax increases for millions of americans with fears that it could trigger another recession. ed henry has latest. >> happy new year. >> the house and senate back to work for a rare sunday session trying to figure out the fiscal cliff negotiations. a lot of talk, very few solutions so far. >> our membership is frustrated as the american people we're sworn to serve. >> none. votes that we'll be casting today have anything to do with these deadlines that we face in slightly more than 24 hours. we're here. we're ready. >> reporter: president obama sitting down for his first sunday morning talk show interview in over three years told nbc it is time to lawmakers to nail down a deal o. >> we don't yet see an agreement and now the pressure is on congress to produce. >> reporter: republicans and democrats going back and forth behind closed doors working through night trying to avoid some of the most painful tax hikes and spending cuts in our nation's history.
cliff deal. no deal will mean spending cuts and tax increases for millions of americans with fears that it could trigger another recession. ed henry has latest. >> happy new year. >> the house and senate back to work for a rare sunday session trying to figure out the fiscal cliff negotiations. a lot of talk, very few solutions so far. >> our membership is frustrated as the american people we're sworn to serve. >> none. votes that we'll be casting today have anything to...
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the fiscal cliff deadline is getting closer and closer, if lawmakers fail to reach a deal in time, our nation's top employers, the small businesses in our communities, will have some difficult decisions to make, with 2013, will it bring more economic opportunities or will the job market contract? stay with us. >> the looming fiscal cliff is leaving many small businesses in limbo in this country. some owners say uncertainty over potential tax hikes is keeping them from expanding and hiring new employees and analysts warn, that's a recipe for disaster in this already sluggish economy. anna kooiman joins us with more. many small businesses owners say they're kind of operating on the defensive right now. >> it's tough to plan. they're making decisions based on business coming in and the risk of losing it all. arthur cooper is concerned that the change in tax rates will hurt his ability to hire so he doesn't want to expand. >> when you don't know what the rules are, all right? and that's-- it's hard to be aggressive and it's hard to-- it's hard to be really resolute and you know, in your bu
the fiscal cliff deadline is getting closer and closer, if lawmakers fail to reach a deal in time, our nation's top employers, the small businesses in our communities, will have some difficult decisions to make, with 2013, will it bring more economic opportunities or will the job market contract? stay with us. >> the looming fiscal cliff is leaving many small businesses in limbo in this country. some owners say uncertainty over potential tax hikes is keeping them from expanding and hiring...
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deal to get us over the fiscal cliff. does that mean this is the new normal in washington and what does that mean for economic growth? >> the new normal is the economy with an overlay of political polarization and dysfunction. look at the debate? we started with the hope of a grand bargain. then people said, we may not get a grand bargain but we'll get a mini bargain in the sense that we'll get a few things done but we'll have the momentum going into the year. now at best, at best we'll get a stopgap microdeal which doesn't really address anything at all and doesn't establish a momentum. so investors, people looking at the economy, are going to have to worry about how politics is contaminating economics. and that makes the new normal have chaos. so the new normal was sluggish growth. consistently high unemployment. and concerns about debt and deficits. now, we have that as the baseline with we can either tip into a recession or if our poll tilgs get their act together we could come out much bigger. but the fatter tale is
deal to get us over the fiscal cliff. does that mean this is the new normal in washington and what does that mean for economic growth? >> the new normal is the economy with an overlay of political polarization and dysfunction. look at the debate? we started with the hope of a grand bargain. then people said, we may not get a grand bargain but we'll get a mini bargain in the sense that we'll get a few things done but we'll have the momentum going into the year. now at best, at best we'll...
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>> they're looking for a deal to be done that averts the worst effects of the fiscal cliff. always remembering that there will be some form of spending cuts and tax rises in the united states. but nothing like the grinding austerity that would be imposed on the u.s., and by definition and extension, the rest of the world, if the u.s. goes over the cliff. put it in context. this year the eurozone is in recession. next year recessions likely, growth just about possible. in that scenario for the largest trading partner to have a fiscal retrencherant, a slowdown of the magnitude of the cliff, ali, is pretty dramatic and drastic for everybody else watching. >> richard, there's a chance there could be a boomerang effect. the united states may grow, let's say 3% for argument's sake in 2013. that is going to be healthier than europe by a long shot, and we're seeing slowing in a lot of other major economies, including china, india, brazil. is there some sense that, just like the u.s. set off all of this nonsense back in 2008, a u.s. retrenchment, as you call it, a slowdown in growth
>> they're looking for a deal to be done that averts the worst effects of the fiscal cliff. always remembering that there will be some form of spending cuts and tax rises in the united states. but nothing like the grinding austerity that would be imposed on the u.s., and by definition and extension, the rest of the world, if the u.s. goes over the cliff. put it in context. this year the eurozone is in recession. next year recessions likely, growth just about possible. in that scenario for...
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cliff deal. deadline is now less than 24 hours away but the white house and congress still remain at odds over key issues such as creating an income threshold for raising taxes. leaders were able to agree on one thing, extending the farm bill for another year. that means that the price of milk is no longer at risk of reaching $7 a gallon. president obama says gop leaders have rejected his proposals to make a comprehensive deal. republicans say they are willing to work together. and president obama says december 14th, 2012, thats with the worst day of his tress densey. that is the day a gunman shot and killed 26 people at sandy hook elementary school in newtown, connecticut. most of them were children. and in an interview with nbc's meet the press, the president reaffirmed his commitment to new gun control legislation. the president says he still supports increased background checks as well as bans on assault weapons and high capacity bullet magazines. mr.obama also expressed skepticism about prop
cliff deal. deadline is now less than 24 hours away but the white house and congress still remain at odds over key issues such as creating an income threshold for raising taxes. leaders were able to agree on one thing, extending the farm bill for another year. that means that the price of milk is no longer at risk of reaching $7 a gallon. president obama says gop leaders have rejected his proposals to make a comprehensive deal. republicans say they are willing to work together. and president...
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yes, we are all waiting to cue the confetti with hopes for a last-minute deal to avert the fiscal cliff. with sweeping tax hikes and spending cuts set to take effect at midnight, frantic negotiations are ongoing at this hour with the president teasing the prospect of a deal on at least part of the cliff just hours ago. >> it appears that an agreement to prevent this new year's tax hike is within sight, but it's not done. we we're hopeful that congress can get it done, but it's not done. >> so it's not done. in case you missed that, he said it twice, not done. reports of an emerging deal focus on a few key parameters, raising tax rates on couple it's making more than $450,000 a year, increasing the estate tax rate, and extending unemployment benefits for one year. the major sticking point new appears to be sequester spending. while the president said he would prefer a grand bargain, a certain branch of government stood in the way. >> with this congress that was obviously a little too much to hope for. one thing we can count on with respect to this congress is that if there's even one sec
yes, we are all waiting to cue the confetti with hopes for a last-minute deal to avert the fiscal cliff. with sweeping tax hikes and spending cuts set to take effect at midnight, frantic negotiations are ongoing at this hour with the president teasing the prospect of a deal on at least part of the cliff just hours ago. >> it appears that an agreement to prevent this new year's tax hike is within sight, but it's not done. we we're hopeful that congress can get it done, but it's not done....
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this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess continues for a few months. and we've still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. >> yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news that a french court said a 75% tax rate on individuals is unfair. so it has been rejected. the court court says unless you apply it to households it is not fair to single out individuals. that means 75% tax at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to strike a deal? according to the
this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess continues for a few months. and we've still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. >> yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news...
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if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they would all be in time-out. if it was the private sector, they'd all be fired. there's absolutely no excuse. the only solution lies with us, the american people, and with us the voters demanding that they start working together and actually coming up with something. we cannot continue having these spectacles every few months. it's like making sausage. >> can we talk about the optics of this, maria? there are many saying this is a republican and democratic problem, we're here because republicans won't play ball. >> well, i mean, it's easy for me to s
if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids...
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we're here today because there's no deal and we are hours away from the fiscal cliff. here with us now, republican senator from tennessee and member of the senate banking committee, senator bob corker. senator, thanks for being on the show. we appreciate it. >> good morning. >> robert gibbs was characterizing many republicans as 5-year-olds that will not eat their vegetables, and every time we try and get them to eat their vegetabl vegetables, they ask for a smaller and a smaller and a smaller pea and it gets down to one pea on a plate. is that fair? >> look, this whole thing's a national embarrassment. i think it's an embarrassment to the president, it's an embarrassment to both sides of the aisle and to both the house and the senate. >> how do we get out of it? >> well, first of all, i mean, whatever happens today is really inconsequential. it really doesn't matter. it's going to happen. we will have a solution, but as jeffrey was saying earlier, we still haven't moved any closer to solving our nation's problems. and so, now what will happen is this will be put off,
we're here today because there's no deal and we are hours away from the fiscal cliff. here with us now, republican senator from tennessee and member of the senate banking committee, senator bob corker. senator, thanks for being on the show. we appreciate it. >> good morning. >> robert gibbs was characterizing many republicans as 5-year-olds that will not eat their vegetables, and every time we try and get them to eat their vegetabl vegetables, they ask for a smaller and a smaller...
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recession.lawmakers hoping for a fiscal cliff deal to ote on when they return to capitol hiil this morning... won't get senators went home ast night wiihout a final fiscal llff package but negotiations will crowlle says: "eeery indication right now is that to not work in ggod faith with the president. there's still time left ann itts my hhpe sennessand do theeright thing &pfor the american people." raising taxes to pay for new - sppnding is not something ttat republicans believe this debate ought to be aboutt it ought to be about reducing the deeicit and the debt and wwat they'rr essentially suggesting is, we want new taxes,,we want higherrtaxes on people in this country to pay for new spending" spending."the senate iss pcheduled to reconnene at 11-a- m. while the fiscal cliff balance...americcns could soon breatte a sigh of relief when it comes to milk prices. lawmakers agreed to ign a one year extension of the u-s farm bill... that wuld stop prices from doubling in 2013.the hhuse of representativee' agriculture committee...the be passsd by the house and senate... and the be signed by dun
recession.lawmakers hoping for a fiscal cliff deal to ote on when they return to capitol hiil this morning... won't get senators went home ast night wiihout a final fiscal llff package but negotiations will crowlle says: "eeery indication right now is that to not work in ggod faith with the president. there's still time left ann itts my hhpe sennessand do theeright thing &pfor the american people." raising taxes to pay for new - sppnding is not something ttat republicans believe...
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thank you. >> that's right. >> a deal on the fiscal cliff may be at hand, but there's still a lot to do, and not a lot of time to do it. delaware democratic senator chris kuhns. thank you for taking the time. i want to talk about something first that your colleague tom hashi harken said on the senate floor. let's come back and talk about it. >> it looks like all of the taxes will be made permanent, but all of the other things that the middle class and america really depends on. one year or two years at the most, but the tax system is made permanent. well, i just think that's grossly unfair. grossly unfair. as i have said before, no deal is better than a bad deal, and this looks like a very bad deal the way this is shaping up. >> so, senator kuhns, is $400,000 on individuals a bad deal as tom harken described, it or is some deal better than no deal at this point? >> well, first, let's just talk about our broader values and the context we're operating in. given the real financial strains on our federal budget, given divided government where the house is controlled by republicans, the s
thank you. >> that's right. >> a deal on the fiscal cliff may be at hand, but there's still a lot to do, and not a lot of time to do it. delaware democratic senator chris kuhns. thank you for taking the time. i want to talk about something first that your colleague tom hashi harken said on the senate floor. let's come back and talk about it. >> it looks like all of the taxes will be made permanent, but all of the other things that the middle class and america really depends...
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cliff deal today. the world is watching, too. it's because the big tax hikes and spending cuts here could have a chilling effect on the global economy. we want to bring in richard quest from london. richard, we know that folks are watching this. perhaps not the minutia how we're following it in washington and the negotiations process from hour to hour and minute to minute it seems. certainly in the final stages of it this whether or not this is actually going to happen. why does it make such a big difference? >> reporter: it makes a huge difference because the rest of the globe, particularly say for example the european union and the euro zone is barely growing. it's stagnant and was in recession in '12. it could be in recession in '13. if you lop off any growth from the u.s. economy, that will have a ripple affect across the althouthe atlantic. you will feel the ripples go across the pacific to asia and japan and china and to all those countries and across the atlantic to europe. i was talking a few m
cliff deal today. the world is watching, too. it's because the big tax hikes and spending cuts here could have a chilling effect on the global economy. we want to bring in richard quest from london. richard, we know that folks are watching this. perhaps not the minutia how we're following it in washington and the negotiations process from hour to hour and minute to minute it seems. certainly in the final stages of it this whether or not this is actually going to happen. why does it make such a...
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anybody in any authorities says anything about the likelihood or otherwise of a fiscal cliff deal you will see the market react. it happened earlier this morning. there was a report that maybe these talks between mitch mcconnell and vice-president biden were making some progress. on that, up went the futures market to show a gain of 80 points for the dow. we're back to showing a gain of 50 or 70 points. watch for head lines, for leaks, for any sound bites that might appear on any news program anywhere and you will have some kind of market reaction. as we countdown to the end of this fiscal cliff, i'm going to call it a debacle because that's exactly what it is. even if we get a very, very narrow deal, whoop-de-doo, we have a debt ceiling problem and amt taxes, government spending, all of those problems outstanding, nothing done. the dow jones industrial average is not done up for the opening bell, it's down, we're 42 points, 48 points going down as of right now. 50 points lower. what did you give, what did you get for christmas this year? chances are, a computer tablet maybe? accordin
anybody in any authorities says anything about the likelihood or otherwise of a fiscal cliff deal you will see the market react. it happened earlier this morning. there was a report that maybe these talks between mitch mcconnell and vice-president biden were making some progress. on that, up went the futures market to show a gain of 80 points for the dow. we're back to showing a gain of 50 or 70 points. watch for head lines, for leaks, for any sound bites that might appear on any news program...
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we'll ask him why he says a fiscal cliff deal won't help the country. stand by. ♪ [ slap! ] [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium-rich tums starts working so fast you'll forget you had heartburn. ♪ tum tum tum tum tums so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. >>> the united states is going over the fiscal cliff. at least for a short while. the house of representatives deciding in just a little while ago it will not vote and a deal tonight. earlier, president obama sounded slightly optimistic. let's listen to this. >> they are close but they're not there yet. and one thing we can count on with respect to this congress is that if there's even one second left before you
we'll ask him why he says a fiscal cliff deal won't help the country. stand by. ♪ [ slap! ] [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium-rich tums starts working so fast you'll forget you had heartburn. ♪ tum tum tum tum tums so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments...
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we can forget all that stuff, and we'll know if there's a deal on the fiscal cliff or not and what either outcome means for you and your money. we'll talk to sheila bair, former fdic chairwoman. and texas congressman lloyd daggett. so much to talk about tomorrow. i certainly hope a deal has been done. >> nice to work with you. >> are you going to go to times square? >> i'm going to run the park. 2013 starts with a run. i conned my wife into it as well. she'll join me. >> happy new year to you. >> cnn newsroom with suzanne malveaux begins now. >>> happy new year. stories we're watching now. hours by hour, inch by inch, the nation sliding closer to the fiscal cliff. we'll have more on this morning's negotiations and what we'll lose if those talks fail. and workers in some states may see a pay raise but may not notice much of a difference. >>> guns are flying off the shelves after fears of a ban on assault rifles following the sandy hook massacre. we're live at the white house with the latest details. plus this. >> reporter: i'm alina cho in times square, where just hours from now new york w
we can forget all that stuff, and we'll know if there's a deal on the fiscal cliff or not and what either outcome means for you and your money. we'll talk to sheila bair, former fdic chairwoman. and texas congressman lloyd daggett. so much to talk about tomorrow. i certainly hope a deal has been done. >> nice to work with you. >> are you going to go to times square? >> i'm going to run the park. 2013 starts with a run. i conned my wife into it as well. she'll join me. >>...
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a wide-ranging deal to avoid the fiscal cliff remains illusive and washington leaders have only hours to reach an agreement. >>> secretary of state hillary clinton is in a new york city hospital this morning being treated for a blood clot related to her concussion earlier this month. >>> and feats of bravery on a frozen lake. a half dozen people fall through a sheet of life while trying to save a man from freezing cold water. captioning funded by cbs >>> this is the "cbs morning news" for monday december 31st 2012. good morning, everybody, on this new year's eve. good to be with you. i'm terrell brown. secretary of state hillary clinton is being treated for a blood clot. doctors found it following a concussion. marlie hall is at presbyterian hospital this morning. good morning. >> reporter: good morning, terrell. mrs. clinton will spend the morning at the hospital as doctors keep her under close watch. they say she'll be under observation for 48 hours. as you mentioned, a blood clot was mentioned after she came in for a routine exam. it was a follow-up actually to a concussion that sh
a wide-ranging deal to avoid the fiscal cliff remains illusive and washington leaders have only hours to reach an agreement. >>> secretary of state hillary clinton is in a new york city hospital this morning being treated for a blood clot related to her concussion earlier this month. >>> and feats of bravery on a frozen lake. a half dozen people fall through a sheet of life while trying to save a man from freezing cold water. captioning funded by cbs >>> this is the...
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obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the
obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the
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thank you very much. >> appears that a deal is in sight on the fiscal cliff. a deal is not done yet. we may have to solve this problem in several stocks. including a tax credit for families with children the education tax credit. >> he said he would have liked to have gotten a bigger deal done but unfortunately he was not able to do that. this will have to be ruled out in several steps. checking chicagos letter which is kind of great as the final day of 2012. snow passing downstate as you can see on the radar. if you're heading south be aware of that. we may get a flurry but a lot of this hanging up in the clouds over the city. it will be moving out of here tonight. we get into some serious cold there. this low pressure a streaking along fast. high pressure comes in and brings the sun back tomorrow. look at the temperatures and how cold it is out west of us. we've got 310 days without a subfreezing reading. the hundred and 10 days310 days is just not happened before. tomorrow it happens, we go into subfreezing daytime high territory. we bring to an end, a reco
thank you very much. >> appears that a deal is in sight on the fiscal cliff. a deal is not done yet. we may have to solve this problem in several stocks. including a tax credit for families with children the education tax credit. >> he said he would have liked to have gotten a bigger deal done but unfortunately he was not able to do that. this will have to be ruled out in several steps. checking chicagos letter which is kind of great as the final day of 2012. snow passing downstate...
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is just hours away from going over that fiscal cliff. without a deal before midnight, americans will be bringing in this new year with sweeping tax hikes and swing -- a tactic -- and cuts. >> >> t . >> i hope that they can work together and realize that this is affecting everyone. >> both chambers will reconvene this morning at whichthat they k together and realize that this is affecting everyone. >> both chambers will reconvene this morning at which point, there are just 12 hours left until this deadline. >> whatboth chambers will recone this morning at which point, there are just 12 hours left until this deadline. >> what are lawmakers working on today? >> we understand that senator harry reid, the majority leader, will what are lawmakers workingn today? >> we understand that senator harry reid, the majority leader, will reintroduce the pre fiscal cliff, maryland would be hit hard with hundreds of millions of dollars and tens of thousands of jobs lost. >> if america falls off that fiscal cliff, maryland would be hit hard with hundreds
is just hours away from going over that fiscal cliff. without a deal before midnight, americans will be bringing in this new year with sweeping tax hikes and swing -- a tactic -- and cuts. >> >> t . >> i hope that they can work together and realize that this is affecting everyone. >> both chambers will reconvene this morning at whichthat they k together and realize that this is affecting everyone. >> both chambers will reconvene this morning at which point, there...
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no matter what, logistically we are probably going to go over the cliff, fiscal cliff even if a deal is struck just because of the maneuvering of how to get something passed in the senate and the house. so if you have a deal this afternoon you still have to get it to the floor of the senate, you have to talk about it, debate, you have to get through a series of votes, then you are talking about possibly 10:00 p.m. tonight where you get something passed if you get that far. then potentially the house takes it up tomorrow. if you again there are a lot of roadblocks because we don't know the specifics of the deal. rick: we heard that republicans have basically been dealt a poor hand when it comes to these negotiations. but is the than that bad that republicans will have to vote yes for tax rate increases without the promise of any spending cuts at all? >> reporter: there will be a large portion of the house republican caucus who will not do that. they just won't. they were voted -- they were elected not to do that. they were sent from their districts just as the president says he has a
no matter what, logistically we are probably going to go over the cliff, fiscal cliff even if a deal is struck just because of the maneuvering of how to get something passed in the senate and the house. so if you have a deal this afternoon you still have to get it to the floor of the senate, you have to talk about it, debate, you have to get through a series of votes, then you are talking about possibly 10:00 p.m. tonight where you get something passed if you get that far. then potentially the...
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"hours from the fiscal cliff, washington awaits deal." experts foresee a significant drag on the economy. negotiators keeping the bush-era tax cuts in place for all but the wealthiest americans. this is having a huge impact on what the markets want, which is some certainty. good morning, andy. caller: i was a volunteer rescue worker at the world trade center. i have two cancers. these guys want to mess with social security. there was a guy on yesterday. he was willing to pay a little more. he will still have over $200,000 left. he'll have maybe $20,000 last. it is ridiculous. we of the strong people. we are the ones that survive. they call us the little people. we are the strong people. host: it is 7:35 eastern time. the house will gavel and at 9:00 p.m. eastern time. we will have live coverage. the senate is coming in at 11:00 a.m. more from the senate floor yesterday. [video clip] >> i'm sure if president does not want a climate like this happen. i do not want on my watch for this to be the last thing that happens on my watch. i do not
"hours from the fiscal cliff, washington awaits deal." experts foresee a significant drag on the economy. negotiators keeping the bush-era tax cuts in place for all but the wealthiest americans. this is having a huge impact on what the markets want, which is some certainty. good morning, andy. caller: i was a volunteer rescue worker at the world trade center. i have two cancers. these guys want to mess with social security. there was a guy on yesterday. he was willing to pay a little...
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. >> we're less than 24 hours away from going off the so-called fiscal cliff. >> there is still no deal to avoid tax hikes and spending cuts in. >> danielle leigh has more. >> congress is waking up from an intense weekend. >> the senate stands in recess. >> they will not meet again until later this morning. in atre going to come 11:00 a.m. tomorrow morning and we will have further announcements perhaps at 11:00 in the morning. >> hold because of what aides described as constructive movement over the weekend. avoiding a jump in inheritance taxes. republicans dropped a demand to cut social security. >> the consequences are too high for the american people to be engaged. i am interested in getting a result here. >> i think it has been hard for john boehner and mitch mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. >> yesterday it was republicans waiting on democrats for a counter offer. >> mitch mcconnell called the vice president for help. lawmakers will scrambled into the final hours. republicans will likely push for reforms they give up this
. >> we're less than 24 hours away from going off the so-called fiscal cliff. >> there is still no deal to avoid tax hikes and spending cuts in. >> danielle leigh has more. >> congress is waking up from an intense weekend. >> the senate stands in recess. >> they will not meet again until later this morning. in atre going to come 11:00 a.m. tomorrow morning and we will have further announcements perhaps at 11:00 in the morning. >> hold because of what...
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will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> well, of course, it isn't just the fiscal cliff we're counting down to. it's new year's eve and we want to say happy new year to everyone who is joining us or watching the program here today. earlier, we asked have you made any resolution, trade or otherwise, for 2013. we've got a couple at least. one here from jeff who says i resolve to invest in pets and pampering. petsmart people love pets and profit from it. that's true, actually.
will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence....
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cheryl: my next guest does not see a fiscal cliff deal until late january, but the possible market turmoil to follow could create a stock buying opportunity. joining me now, global financial services president and portfolio manager. of course you'll see the glass half full on this one. yet been saying this since november, to be fair. >> taking the position that we don't think the politicians are really going to get anything done until the backs of firmly against the wall which will be after the first pay cycle of the new year. that's why we are expecting third week of january, but this is also an opportunity. we have to recognize that. if you look at the market today, just imagine. if you pull 20 investment professionals yesterday we probably would have said markets are going to be down today. better than expected economic news. cheryl: is trying to, but they're is a lot -- one of the best performing sectors of 2012 was financials. it would have predicted that at the beginning of 2012? is in that kind of hard for people to focus on what sectors for people to look at when you have this crow
cheryl: my next guest does not see a fiscal cliff deal until late january, but the possible market turmoil to follow could create a stock buying opportunity. joining me now, global financial services president and portfolio manager. of course you'll see the glass half full on this one. yet been saying this since november, to be fair. >> taking the position that we don't think the politicians are really going to get anything done until the backs of firmly against the wall which will be...
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for a deal here in washington. politicians self-imposed fiscal cliff. the effort to make the consequences so unattractive for missing that, that both sides would have to come to agreement. at this hour, there is no legislation to vote on yet. there is every indication officially it's over that cliff we go. some things are settled. others are still in flux. that is where it starts to get technical. so let's bring in fox team coverage to straighten it out. chief white house correspondent ed henry looks at messaging and movement from president obama today. first, chief congressional correspondent mike emanuel on what seems to have been settled and how and what is still up in the air at this late hour. hi, mike. >> hi. bret. we hear from the republican senators they are optimistic and hopeful that a vote can happen sometime, perhaps later tonight. senator mitch mcconnell e-mailed and said he thought the deal was done until the white house called to say the sequestered cuts should be turned off. since then, she trying to find a way to bye down months of the
for a deal here in washington. politicians self-imposed fiscal cliff. the effort to make the consequences so unattractive for missing that, that both sides would have to come to agreement. at this hour, there is no legislation to vote on yet. there is every indication officially it's over that cliff we go. some things are settled. others are still in flux. that is where it starts to get technical. so let's bring in fox team coverage to straighten it out. chief white house correspondent ed henry...
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when the club kids midnight, our country has hit the fiscal cliff. that is unless lawmakers can reach a deal today. john gonzalez has the latest on the efforts to make some sort of compromise. >> you can see the countdown clock on the bottom of your screen, counting down the new year and the dreaded fiscal cliff. there are reports this afternoon that there is a mini deal in the works that could spare millions of families from tax increases. after frustrating weekend, it's looks like negotiators are closing in on a deal with only hours to spare, a deal that would extend the current tax breaks for households making up to $450,000 and keeps the estate tax at upper level >> . congress is your under duress even with the people they love, themselves, special-interests. >> it appears to be a temporary bandaged and also extend unemployment benefits and delays the automatic spending cuts to the pentagon and domestic programs by three months. crack at some point you just want to not pay attention to it. >> others are more optimistic. >> hopefully, they will fi
when the club kids midnight, our country has hit the fiscal cliff. that is unless lawmakers can reach a deal today. john gonzalez has the latest on the efforts to make some sort of compromise. >> you can see the countdown clock on the bottom of your screen, counting down the new year and the dreaded fiscal cliff. there are reports this afternoon that there is a mini deal in the works that could spare millions of families from tax increases. after frustrating weekend, it's looks like...
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. >> and who is going to be blamed if washington doesn't make a deal on the fiscal cliff? we are going to debate that plus, france says no to high taxes on the rich. could the united states learn something from that? we'll analyze that when we come back. ♪ need not wonder why ♪ ♪ no tim ♪ ♪ you're a heartbreaker, dream maker ♪ >> welcome back to a sunday prime time edition of "the five." and as the clock ticks down and going over the so-called fiscal cliff. no deal he yet, but there is some finger pointing going on. >> i'm concerned about the lack of urgency here. i think we all know we're running out of time. this is far too much at stake for political gamesmanship. we need to protect the american families and businesses from this looming tax hike. everyone agrees that that option is necessary. >> i will say this, i think that the republican leader has shown absolutely good faith, but it's just that we're apart on some pretty big issues. >> and senator reid-- >> this has been a blame game from the very, very beginning and dana, we saw today president obama tak
. >> and who is going to be blamed if washington doesn't make a deal on the fiscal cliff? we are going to debate that plus, france says no to high taxes on the rich. could the united states learn something from that? we'll analyze that when we come back. ♪ need not wonder why ♪ ♪ no tim ♪ ♪ you're a heartbreaker, dream maker ♪ >> welcome back to a sunday prime time edition of "the five." and as the clock ticks down and going over the so-called fiscal cliff. no...
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cliff. without a deal, taxes are set to go up on about every american. >> reporter: talks continue but this morning, still no deal. republicans and democrats nee gobuated all weekend, with the hope of passing legislation that would protect most people from a massive tax hike, set to kick in type at midnight. our top priority is make sure taxes on middle class families don't go up to hurt the economy badly. >> reporter: optimism about a deal over the weekend, when the republican leader in the senate made an offer, that all ended when senate majority leader said he couldn't present a counter proposal, in a hail mary, he phoned for help. >> i placed a call to the vice president to see if he could jump start the negotiations on his side. i'm willing to get this done. i need a dance partner. >> reporter: white house officials say vice president biden is now playing a direct role in the talks. the two partys remain at odds over the automatic across the board cuts to government programs and defense
cliff. without a deal, taxes are set to go up on about every american. >> reporter: talks continue but this morning, still no deal. republicans and democrats nee gobuated all weekend, with the hope of passing legislation that would protect most people from a massive tax hike, set to kick in type at midnight. our top priority is make sure taxes on middle class families don't go up to hurt the economy badly. >> reporter: optimism about a deal over the weekend, when the republican...
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over the edge of the fiscal cliff. no deal written in stones, but the markets still believe -- 139 points for the dow jones industrials -- that there may be some type of deal. join us now, allison deans, the senior adviser at varick asset management. we brought you in because you're so good at this kind of stuff, and we thought what we should invest in there is no deal or if there is a deal. what's your mind telling you? >> i think there will be a deal. i think if it doesn't happen tonight, they'll exing tend -- extend some of the benefits, and my sense is it'll be a compromise for both parties. it's just a shame they wait until the very last minute waiting to see what will happen. liz: we have on your screen what people's income is and what kind of extra tax you might endure if we were to go over the fiscal cliff. and as we let people absorb these numbers, there are also a bunch of other issues, you know, 800,000 pentagon workers could be furloughed, all kinds of other issues where emergency unemployment benefits migh
over the edge of the fiscal cliff. no deal written in stones, but the markets still believe -- 139 points for the dow jones industrials -- that there may be some type of deal. join us now, allison deans, the senior adviser at varick asset management. we brought you in because you're so good at this kind of stuff, and we thought what we should invest in there is no deal or if there is a deal. what's your mind telling you? >> i think there will be a deal. i think if it doesn't happen...
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tolawmakers are no closer deal tonight to avoid the so- called fiscal cliff. what is the latest? no deal tonight in the u.s. senate. continuing, are though, between the vice president and mitch mcconnell. in a rare sunday night session -- i think the enormity of the issue is very clear. >> u.s. senators gathered to solve a self-imposed crisis. their plan to carve out a compromise dissolved. >> there is no simple issue that impossible sticking point. we are willing to make difficult concessions. >> come january 1, tax hikes and budget cuts go into effect. >> regardless of differences, top priority has to be to e that taxes on middle- families do not go up. >> the plan before the senate tax -- would eight prevent a tax increase. clear differences remain. seene odds are we have not the leadership on either side of e to solve this problem. is a contraction economy. loss of jobs which could be well in addition to the people already on unemployment. >> the senate reconvenes 11:00 on monday. the president's heerview earlier today, the issue of guns. the president said the day of newtown
tolawmakers are no closer deal tonight to avoid the so- called fiscal cliff. what is the latest? no deal tonight in the u.s. senate. continuing, are though, between the vice president and mitch mcconnell. in a rare sunday night session -- i think the enormity of the issue is very clear. >> u.s. senators gathered to solve a self-imposed crisis. their plan to carve out a compromise dissolved. >> there is no simple issue that impossible sticking point. we are willing to make difficult...
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. >>> looking over the fiscal cliff. is a last-second deal even possible? >>> kim kardashian and kanye west expecting a baby. >>> new year's eve preps and the new york giants open their hearts to the families of newtown, connecticut. "early today" starts right now. >>> and a very good morning to you on this new year's eve. it's nice to see you this morning. i'm veronica de la cruz. we begin with secretary of state hillary clinton in the hospital. clinton was admitted to new york presbyterian hospital after the discovery of a blood clot stemming from the concussion she sustained earlier this month. the clot was discovered during a followup exam sunday. she's being treated with blood thinners, and doctors will monitor the medication over the next two days. the 65-year-old clinton fell and suffered a concussion when she fainted while home alone in mid-december as she recovered from a stomach virus that left her severely dehydrated. clinton had been planning to return to work this week. >>> it is crunch time on capitol hill. senate and house negotiators have ju
. >>> looking over the fiscal cliff. is a last-second deal even possible? >>> kim kardashian and kanye west expecting a baby. >>> new year's eve preps and the new york giants open their hearts to the families of newtown, connecticut. "early today" starts right now. >>> and a very good morning to you on this new year's eve. it's nice to see you this morning. i'm veronica de la cruz. we begin with secretary of state hillary clinton in the hospital....